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Phosgene Derivative Market Analysis
Based on derivative, the phosgene market is segmented as isocyanates, chloroformates, carbamoyl chlorides, others. Isocyanates held a majority market value of USD 12.5 billion in 2022. Isocyanates are critical components in the production of polyurethane foams, coatings, adhesives, and elastomers used in industries like construction, automotive, and furniture.
Based on application, the phosgene market is segmented as agrochemicals, polycarbonates, pharmaceuticals, fine chemicals, dyes, specialty chemicals, others. Agrochemicals held a dominant market share of around 27% in 2022 and is expected to grow at a lucrative pace through 2032. Carbamates are used in the production of agrochemicals, including pesticides and herbicides, to protect crops from pests and diseases.
U.S. dominated the North American region with majority market share and a revenue of USD 8.6 billion in 2022 and is anticipated to expand at a significant pace from 2023-2032. The robust construction sector in North America drives demand for polyurethane-based insulation, coatings, and foams used in residential and commercial buildings.
Why is the demand for phosgene isocyanates growing?
Phosgene market size from the isocyanates derivative segment recorded USD 12.5 billion in 2022 and will witness significant growth from 2023-2032 on account of growing adoption in the production of polyurethane foams, coatings, adhesives, and elastomers.
How big is the phosgene industry?
Market size for phosgene was valued at USD 41.9 billion in 2022 and will reach USD 71.8 billion by 2032 due to its extensive usage as a key raw material in the production of several isocyanates worldwide.
What factors are influencing phosgene market growth in the U.S.?
U.S. phosgene industry size was USD 8.6 billion in 2022 and is expected to garner significant CAGR from 2023-2032 owing to the presence of robust construction sector in the region.
Who are the key phosgene business players?
BASF SE, Covestro AG, Dow Inc., Huntsman Corporation, Wanhua Chemical Group Co., Ltd., OCI Company Ltd., Puyang Shenghuade Chemical Co., Ltd., Jilin Tely Chemical Co., Ltd., and Chongqing Changshou Chemical Co., Ltd. are some of the major phosgene companies worldwide.